Friday, August 13, 2010

OPEC Concurs on July Oil Supply Increase

The OPEC monthly report is out, and they concur with the IEA that there was a significant boost in July's oil supply (graph above).  So apparently global oil supply is still recovering, notwithstanding the fall of the last few months, though I don't feel quite strong enough to bring back the graph with the linear extrapolation - at least not yet.  It seems rather unclear what's happening.

Here's the larger context of the last decade, along with spot price (blue, right scale).


Benno said...

EIA's latest shows an uptick in Saudi production in May.

An attack on Iran is looking more & more likely before next summer and at least some of the Arab states would like the US to deal the blow. I wonder if they will flood the market through out the period of likely hostilities. i.e. Abandon the $70+ plus target.

This piece is in depth & good.
The Point of No Return

March could be tense.

Alexander Ac said...

Weren't it for the debt, I am not sure we could afford 80 dollars per barrel. Stoneleigh says deflation is here, so the oil prices will go down, so investments will cease etc..

I would be interested in global debt chart, though it may be difficult to obtain...